Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Outstanding and Weighted Average Common Shares

16.  Outstanding and Weighted Average Common Shares

The Net income (loss) and weighted average number of common shares used in basic and diluted earnings per share computation were as follows:

	2020		2019		2018
	(In millions except per share amounts)
Net Income (Loss) Attributable to Hess Corporation Common Stockholders:
Net income (loss)	$	(2,839)	$	(240)	$	(115)
Less: Net income (loss) attributable to noncontrolling interests	254		168		167
Less: Preferred stock dividends	—		4		46
Net income (loss) attributable to Hess Corporation Common Stockholders	$	(3,093)	$	(412)	$	(328)
Weighted Average Number of Common Shares Outstanding:
Basic	304.8		301.2		298.2
Effect of dilutive securities
Restricted common stock	—		—		—
Stock options	—		—		—
Performance share units	—		—		—
Mandatory convertible preferred stock	—		—		—
Diluted	304.8		301.2		298.2
Net Income (Loss) Attributable to Hess Corporation per Common Share:
Basic	$	(10.15)	$	(1.37)	$	(1.10)
Diluted	$	(10.15)	$	(1.37)	$	(1.10)
Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock	2.1		2.2		2.9
Stock options	4.3		4.7		5.5
Performance share units	1.1		1.7		1.1
Common shares from conversion of preferred stock	—		—		12.7

The following table provides the changes in our outstanding common shares:

	2020	2019	2018
	(In millions)
Balance at January 1	304.9	291.4	315.1
Conversion of preferred stock	—	11.6	—
Activity related to restricted stock awards, net	1.0	0.9	0.8
Stock options exercised	0.3	0.7	0.6
PSUs vested	0.8	0.3	0.1
Shares repurchased	—	—	(25.2)
Balance at December 31	307.0	304.9	291.4

Preferred Stock Issuance:

In February 2016, we issued depository shares representing 575,000 shares of 8% Series A Mandatory Convertible Preferred Stock (Preferred Stock), par value $1 per share, with a liquidation preference of $1,000 per share. On January 31, 2019, the Preferred Stock automatically converted into shares of common stock and the net number of common shares issued by the Corporation was approximately 11.6 million shares.

Common Stock Repurchase Plan:

In 2018, we repurchased 25.2 million shares of our common stock for $1,380 million at an average cost per share of $54.85.  At December 31, 2020, we are authorized, but not required, to purchase additional common stock up to a value of $650 million.

Common Stock Dividends:

In 2020, 2019 and 2018, cash dividends declared on common stock totaled $1.00 per share ($0.25 per quarter).